Posted in | Gold | Mining Equipment

Detour Gold Corp to Spend Big on Equipment

The Detour Gold Corp is getting set to spend around CAD$304 million on mining equipment and haulage trucks over the next two years. This will include 18 Caterpillar haulage trucks for its Detour Lake gold mine located in north eastern Ontario. The trucks will be procured from Toromont Industries Limited.

Six of these haulage trucks will be delivered in the final quarter of 2011 and the remaining 12 will be delivered in the third and fourth quarters of 2012. Besides the trucks 15 pieces of mine support equipment will also be delivered before the end of 2010. The expenses for the company will come up to CAD$125 million in the next year.

The Detour Lake gold project is the flagship project for the Detour Gold Corp which is traded on the Toronto Stock Exchange. The Detour Lake gold deposit is supposed to be Canada's largest pure gold play. The reserves of gold as per the company are valued at 11.4 million ounces. This is a higher value than the one that the company had estimated in October 2009 at 8.8 million ounces.

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